Money puchase annual allowance

bobhopeful

I was reading a pension guide which referred to MPAA. Of course it isn't possible to get past the second sentence without the first jargon. It states MPAA applies to "defined contribution pension schemes" but doesn't explain what that is. I will have a State Pension from NI contributions, and a SIPP. Are either of these a DCPS?

MK62

Your SIPP is a "defined contribution pension scheme".
The state pension is not (but then you don't contribute directly to that either, you pay NI for entitlement)

bobhopeful

Thank you.

Albermarle

Suggest you have a look at these :
https://www.moneyadviceservice.org.uk/en/categories/pensions-and-retirement
https://www.pensionsadvisoryservice.org.uk/about-pensions/pensions-basics

bobhopeful

Thank you.